: PriceSmart stock falls more than 6% after fiscal Q3 earnings
Shares of PriceSmart Inc. PSMT dropped more than 6% in the extended session Monday after the operator of warehouse-club retail stores mostly in the Caribbean and Central and South America reported fiscal third-quarter sales that matched Wall Street expectations. PriceSmart earned $25.5 million, or 94 cents a share, in the quarter, compared with $19.3 million, or 62 cents a share, in the prior-year period. Revenue rose 6.4% to $1.10 billion, the company said. Analysts polled by FactSet expected PriceSmart to report earnings of 85 cents a share on sales of $1.10 billion. PriceSmart also said that its board has authorized a stock buyback program of up to $75 million, with timing and total amount depending on broad market conditions and other considerations. PriceSmart shares ended the regular trading day up 0.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.